New York City’s northernmost borough was a hot market in 2016, in terms of real estate investment. Roughly $3.3 billion worth of investments took place in the Bronx last year, 37 percent more than in 2015, according to the Bronx Annual Development Report. More than half was invested in residential properties ($1.7 billion), followed by commercial ($1.3 billion) and institutional assets ($228 million).
The report reveals that 14.2 million square feet of new development came online in the borough, a 41 percent increase compared to 2015. This includes 5,234 residential units, most of which were publicly funded.
“We have seen incredible growth in The Bronx, across the board, from job creation to affordable housing to the addition and renovation of green spaces and park land,” said Marlene Cintron, president of the Bronx Overall Economic Development Corp., in prepared remarks.
“With over $3 billion having been invested in our wonderful borough in 2016 alone we are continuing to find ways to improve the life of the more than 1.4 million people who call The Bronx home. We look forward to seeing these projects blossom, as we continue to build on the successes that fostered positive transformation in our borough.”
Between 2009 and 2016, the borough saw $12.7 billion in total development, translating in roughly 69 million square feet of total construction and including more than 29,000 residential units.